Yes, you can transfer your LIF from one financial services provider to another. 

LRSPs/LIRAs mature in the year you turn 71, and must be closed by the end of that year. You can:

• transfer your LRSP/LIRA funds to an annuity
• transfer your LRSP/LIRA to a LIF 

• No. The only funds that can be deposited into a LIF are those transferred from a LIRA or LRSP.
• However, you can transfer your LIF account from one financial institution to another (provided that the assets being combined in the LIF are regulated by the same pension jurisdiction).

While you must close your LRSP/LIRA during the year you turn 71, you can open a LIF as soon as you reach at least early retirement age (usually at least age 55) as specified in the applicable pension legislation. 

A LIF is similar to a RRIF in that it is designed to provide you with retirement income from your savings. The difference is the source of the savings. If you left a job where you contributed to a pension plan, you likely transferred those pension funds into a locked-in retirement savings plan (LRSP) or locked-in retirement account (LIRA). Like with RRSP accounts, LRSPs and LIRAs mature in the year you turn 71 and must be transferred to a LIF.

The LIF payment minimums are the same as RRIF payment minimums, but the earliest you can open a LIF is usually at least early retirement age, which is specified in the pension legislation that governed your pension plan.

A LIF operates similarly to an RLIF. The key difference is that the RLIF gives you a one-time opportunity to convert 50% of your RLIF to a registered retirement savings plan (RRSP) or RRIF, subject to applicable pension legislation. That means you could access part of your pension funds earlier in your retirement.

• The year after you open a LIF, you must start withdrawing a minimum amount, which increases slightly every year.
• You can withdraw more than the minimum, up to a maximum allowable, but never less.
• If you withdraw more than the minimum, that amount cannot be put towards your withdrawal the following year.
• You will also pay withholding tax on the amount withdrawn above the minimum amount, based on a sliding scale of percentage amounts.
  
• Unlike a RRIF, you cannot elect to have your minimum amounts calculated using either your own age or the age of your younger spouse.
• The percentage of the minimum withdrawal for any given year is based on the balance in your LIF at the end of the previous year.
• The minimum withdrawal amount is set by the Canadian Government (see table below).
• Before the age of 71, the minimum amount is calculated by dividing one by (90 minus your current age).
• For example, at age 55, your minimum LIF withdrawal would be calculated as follows: 1 divided by (90 – 55 = 35) = 2.86%
  
  

Age        Minimum withdrawal amount
55                           2.86%
60                           3.33%
65                           4.00%
70                           5.00%
71                           5.28%
75                           5.82%
80                           6.82%
85                           8.51%
90                           11.92%
90+                        20.00%

A full list of minimum withdrawal amounts can be seen at the Government of Canada website.

You can elect to withdraw more than the minimum payment, but LIFs are subject to maximum annual withdrawal limits. The maximum annual withdrawal amount is intended to ensure that you (or your survivor) maintain a retirement income until at least the age of 90. The maximum amount is determined by the provincial or federal pension jurisdiction in which your LIF is regulated.

The maximum annual LIF payment percentages can change each year and are dependent on the age of the LIF holder. You can find the maximum payment tables through your pension board or at the OSFI website.